"The CCEA, chaired by Prime Minister Narendra Modi, has given its approval for investment of Rs 5,000 crore by ONGC into the equity share capital of ONGC Videsh by conversion of existing loan of equivalent amount into equity," an official release said.

The approved investment will strengthen the capital base of ONGC Videsh. It will enhance the ability of ONGC to undertake overseas Exploration and Production (E&P) business, thereby improving the energy security of the country, it added.